alleryStart learning →A partner brings equipment worth Rs 80,000 with a Rs 30,000 loan assumed. Capital credit?
ARs 30,000
BRs 80,000
CRs 1,10,000
DRs 50,000
Answer & Solution
Correct answer: D. Rs 50,000
Capital is credited with market value less liabilities assumed, so 80,000 minus 30,000 is 50,000.
Keep practising Partnership Accounts
Browse all Partnership Accounts questions for CA Foundation, or explore more Accounting topics.
Related questions
In an LLP, is a partner liable for another partner's unauthorised actions?An LLP partner's liability is limited to what?Which authority registers and controls LLPs in India?What minimum capital is needed to form an LLP?What is the minimum number of members needed to start an LLP?What is the upper limit on partners in an Indian LLP?What does perpetual succession mean for an LLP?Which Act is stated not to apply to Indian LLPs?